Why Holistic Wealth Planning is the Future in an Ageing Society

As we face the realities of an ageing society, the role of financial planners must evolve. It’s no longer enough to focus solely on financial capital, the traditional bedrock of most financial plans. Instead, planners are now called to become holistic wealth planners , integrating strategies that go beyond managing money to embrace the wealth we build through life’s experiences, skills, and relationships—collectively known as human capital. This shift responds to a profound change in how people expect to live and work as they age.

According to the CFA Institute , total wealth is the sum of financial capital and human capital, minus any liabilities. Financial capital is straightforward—it’s the money you’ve saved and invested. But human capital? That’s the value of your future earnings potential, and it’s where we often find the key to a fulfilling life in our later years. Human capital consists of our skills, knowledge, health, social connections, character, and even where we live. It’s the foundation that allows us to generate value in ways that go beyond earning a paycheque—it’s about work that feels more like purpose than toil.

Research by Canada Life echoes this sentiment, revealing that 75% of people believe that longer life should naturally mean working longer. However, this extended work life should be more fulfilling and sustainable, involving activities that align with one’s passions and values. It’s about crafting a life that doesn’t demand retirement as an escape from a grind but, instead, offers an ongoing journey of contribution and growth. This is why financial planners must upskill in human capital development—helping clients shape lives that balance financial security with personal fulfilment.

At the Academy of Life Planning , we champion this approach by equipping planners with the tools to support clients in both financial and human capital development. Our philosophy is simple: saving the money you’ve already saved is relatively easy. With the right guidance and tools, most people can handle this aspect themselves. But where planners add profound value is in developing human capital strategies that future-proof their clients’ lives, empowering them to thrive as they live—and work—longer.

What’s more, seven in ten people in the UK now see retiring in their sixties as outdated. The current trend shows that living longer doesn’t just mean working longer but working differently—in ways that sustain personal growth, mental and physical health, and connection with others. And with the over-65 population set to surge by nearly 40% by 2050, we can no longer ignore this pressing need for a shift in financial planning.

Holistic wealth planning encourages proactive thinking about how we work, what we love, and how we can continue to grow our human capital. And for planners, this approach opens up a rewarding opportunity to guide clients in aligning their financial lives with their aspirations. We teach planners to work hand-in-hand with clients, fostering skills to help people make choices that enhance their overall wealth—financially and personally.

As planners, adopting this future-ready skill can empower clients to be their own financial advocates, informed and confident in decisions related to their financial capital. This shift not only meets the needs of today’s ageing society but supports a more fulfilled and purposeful life journey for everyone involved.

If you’re ready to upskill and make an impact in holistic wealth planning, join us at the Academy of Life Planning . It’s time to move beyond numbers and support clients in crafting lives they love, well beyond traditional retirement.

Q&A: Understanding Holistic Wealth Planning in an Ageing Society

Q: Why is it necessary for financial planners to shift to holistic wealth planning?

A: Traditional financial planning focuses mainly on managing money—what we call financial capital. But in a world where people are living and working longer, simply planning around savings and investments falls short. Holistic wealth planning adds another dimension: human capital. This means recognising and building on each person’s unique skills, experience, health, and personal growth. By upskilling in human capital strategies, planners can help clients create fulfilling lives that extend well beyond traditional retirement, supporting both financial and personal well-being.

Q: What exactly is “human capital,” and why is it so important in financial planning?

A: Human capital is the intangible wealth you carry with you—your skills, knowledge, mindset, connections, health, and even character traits. It’s the part of wealth that isn’t measured in currency but directly impacts your ability to generate value and lead a meaningful life. In an ageing society, where more people expect to work longer, human capital allows us to pursue work that feels purposeful and enjoyable. It’s about crafting a life you might not feel the need to “retire from,” which is why holistic wealth planning puts so much emphasis on nurturing these personal assets.

Q: How does holistic wealth planning differ from traditional financial planning?

A: While traditional financial planning is primarily about managing money—investments, pensions, and savings—holistic wealth planning takes a wider view. It considers not only financial assets but also the personal and social resources that enable a fulfilling life. Think of it as a partnership that goes beyond managing finances to actively building a client’s life goals, strengths, and long-term wellbeing. This broader, balanced approach makes the plan more resilient and better suited to support people as they age.

Q: What role does the Academy of Life Planning play in this transition to holistic wealth planning?

A: The Academy of Life Planning equips financial planners with the skills and tools they need to support clients’ human capital development alongside their financial capital. We believe that saving money is often straightforward with the right guidance. But building and sustaining a fulfilling life—especially one that may not include traditional retirement—is where planners add real value. Through our training, we help planners offer clients a future-ready, holistic approach that addresses the full spectrum of their needs and aspirations.

Q: Why is “retiring in your sixties” seen as a thing of the past?

A: With increased life expectancy, more people see their sixties as the start of a new chapter rather than the end of work. Research shows that seven in ten people believe traditional retirement in our sixties may become outdated. Many are looking for ways to stay engaged, pursue passions, and contribute longer—all of which are tied to human capital. By focusing on a fulfilling work-life balance, rather than an age-based retirement, holistic wealth planning empowers people to live with purpose well into later life.

Q: How does human capital development benefit clients who are approaching or in retirement?

A: Human capital development allows clients to continue contributing, learning, and growing, which adds value to their lives and financial resilience. It’s especially beneficial in retirement, as it helps people transition from a career-focused identity to a purpose-driven life. By nurturing human capital—such as health, skills, and social connections—clients can create sustainable livelihoods that keep them engaged and fulfilled. Holistic wealth planning helps clients develop these areas so they can lead vibrant, active lives that don’t hinge solely on financial resources.

Q: Can clients manage their financial capital on their own with the right support?

A: Absolutely. We believe that, with the right guidance and tools, many clients can confidently manage their finances independently. That’s why we emphasise human capital development, which enables people to make informed, purposeful decisions. At the Academy of Life Planning, we provide training that empowers planners to guide clients towards a balanced approach, where clients can handle routine financial matters themselves while leaning on planners for life and human capital strategies. Read Be Your Own Financial Adviser by the brilliant Jonquil?Lowe!

Q: How can planners get started with holistic wealth planning?

A: The best way to start is by gaining skills in human capital development. This includes understanding the unique, intangible assets that shape a client’s life—like skills, health, social networks, and mindset—and how these can be enhanced. At the Academy of Life Planning, we offer practical training that helps planners incorporate human capital strategies into their work. By joining us, planners can position themselves as future-ready advisors, well-prepared to support clients in a meaningful, holistic way that aligns with the changing needs of our ageing society.